Turnover rose 19% to £7.6 million in the year to April, but failed to prevent a 25% fall in pre-tax profits to £615,100, according to its annual report, filed at Companies House this week.

Redington co-founder Dawid Konotey-Ahulu, said: “Our priority has been to invest in our future. We have grown our team by a third over the last three years and ramped up the capabilities of our manager research team. We have developed a five-person group dedicated solely to risk analytics.

Turnover per employee rose from £123,000 to £138,000 last year. But Redington’s operating profit fell as percentage of revenue from 12.7% to 8% following a 25% rise in administrative expenses to £7 million.

Redington said this followed a 14% rise in employee costs to £5.6 million plus a 184% hike in premises costs, 33% in technology expenses and 167% in legal and professional costs. It did not provide a further breakdown. Its debtors include social media site Mallowstreet, which owed £1.4 million against £1.6 million in 2013.

In the annual report, Redington said that, as a retained adviser, by 2020 it aimed to deliver successful outcomes to a hundred long-term investors

Last year it was an adviser to 10 of the UK’s 30 largest final salary pension schemes, according to the report, providing them with advice on such issues as managing liabilities through the use of swaps and diversification.

It is retained as an adviser to 16 UK pension schemes, the report added. It worked with 57 clients last year, comprising wealth advisers and insurance companies, as well as pension schemes. This year it expects to distribute iRIS, its online pension plan monitoring tool, to clients across Europe through a large asset custodian.

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New advisory mandates totalling £30 billion lifted Redington’s book of business to £300 billion last year. The firm won the Financial News award for consultant of the year in 2013, and has been shortlisted for the 2014 award. It has been profitable every year since it was founded by Konotey-Ahulu and Robert Gardner, two former Merrill Lynch bankers, in 2006.

It paid dividends of £568,000 to shareholders against £396,000 in 2013. The shareholders are led by Konotey-Ahulu and Gardner, who provided loans to the company in the course of last year. Their pay as Redington directors last year was £46,700, against £33,000 in 2013.